First Capital Acquires One Bloor’s Podium, Mr. Christie’s Bakery Site
First Capital Realty has reached a deal to purchase 85k SF of flagship retail space and 52 parking stalls at One Bloor for $189.2M. The property, the podium of Great Gulf’s landmark 76-storey condo tower, includes three levels of retail with 270 feet of Bloor and Yonge street frontage, plus a direct subway connection. Nordstrom Rack will anchor One Bloor’s podium with a 39k SF store, its first Canadian location. And First Capital says it’s finalizing its leasing program to secure tenant commitments and “enhance value” on the remaining 46k SF in One Bloor’s podium, which is under construction and slated for late 2017 occupancy.
In other news, First Capital acquired an assembly of properties at Avenue Road and Lawrence Avenue that includes Pusateri’s Fine Foods, for $63.2M (the reno’d store opens later this year; its new Oakville location is above). Also during Q2, the firm purchased in a JV with CPPIB the 27-acre Mr. Christie’s Bakery site at Lake Shore Boulevard and Park Lawn Road. First Capital says the property (it paid $26M for a 50% stake from Mondelez Canada) is ideally suited for a mixed-use redevelopment with a significant retail component servicing the high-density neighbourhood emerging around it.
